Major changes are coming to FNB Namibia’s eWallet, with the bank working on a “reimagination” of the mobile money service that is expected to significantly expand what customers can do beyond its current functionality.
FirstRand Namibia Group Chief Executive Officer Conrad Dempsey said the upgraded eWallet is among the digital developments underway at the group as customer adoption of digital financial services continues to accelerate.
Although tight-lipped about the new features and when they will be introduced, Dempsey indicated that the changes will substantially broaden the capabilities of the platform.
“The thing to keep an eye on, that I can’t say too much about yet, is our eWallet solution that we all love to use every day. It is coming through an entire reimagination and we’ll be able to do so much more with eWallets in the future,” Dempsey said.
“So keep an eye on the space. It’s a very exciting development that’s coming.”
FNB Namibia’s eWallet currently allows users to send money instantly to any valid Namibian cellphone number, providing recipients with access to funds without requiring a conventional bank account.
The planned overhaul comes as FirstRand Namibia records rapid growth in the use of its digital products.
“Our digital adoption is growing enormously fast,” Dempsey said.
He highlighted the recently introduced WeSave product as another area recording strong uptake. The digital savings product allows groups of people to save collectively towards a common goal.
Dempsey said more than 3,500 WeSave groups have already been established, with the number continuing to increase.
“One of the new products I’m very excited about is the WeSave product, where people can together save for a goal. More than three and a half thousand of these already exist now and it’s growing by the day,” he said.
The bank also made card swipes free earlier this year as part of efforts to encourage greater use of digital payments.
Dempsey said removing transaction charges on debit and credit card swipes is supporting adoption by allowing customers to use established payment technology without incurring transaction fees.
The developments form part of FirstRand Namibia’s broader push towards digital financial services, with the planned eWallet overhaul potentially representing one of the most significant changes to the platform since its introduction.
FNB has not yet disclosed the additional services that will be available through the revamped eWallet or provided a launch date.
